Colombia is the best country to live in in terms of cost of living, according to the “Cheapest Places to Live in 2023” index published by International Living.
Colombia, Mexico and Ecuador found themselves in the top three spots of International Living’s latest index. Italy ranked fourth, followed by Portugal.
The three Latin American countries achieved top raking in the index thanks not only to low costs of living. According to International Living, they also offer “first-world comforts” at an affordable price. Colombia, the report said, offers many of the “world-class amenities and infrastructure” you’d expect in a much more expensive country.
Colombians still enjoy a low cost of living, even as the entire Western Hemisphere suffers from unprecedented inflation, the report notes.
In smaller cities like Manizales and Pereira, a family can live comfortably on a monthly income of US$1,000, even if they rent a house in an upscale neighborhood. Large cities such as Bogota and Medellin are not as affordable, though, mainly due to high rent prices.
A lot of Americans are moving to Mexico these days. Aside from a whether that is considered to be among the most accomodating in North America, a couple can live easily in the country on a monthly income of US$2,000. According to the report, some American expats are living on a budget of less than $1,000.
Whether it is the price of real estate, insurance coverage or health care services, Mexico is far less expensive than the United States. Even housekeeping services can be hired for about US$60 a month, according to the report.
Rental prices in Ecuador are about half of what can be seen in the US or European market. Other homely comforts can be obtained for much lower prices too.
“Local mercados offer fresh fruits and vegetables year-round at prices so low you can’t carry what US$20 buys,” the report notes.
The exceptional climate means that there’s no need for heating or air conditioning.
“I live on $1,800 a month with enough savings left over to travel two to three times a year to visit my family in Florida,” a US expat told the website.